Fidelity recently struck its first acquisition in seven years.
Dreamstime
Fidelity Investments intends to hire 4,000 staff for new roles in the first half of this year, bucking a trend among the asset-management sector to cut jobs.
Privately owned Fidelity said it recognized current “market uncertainty” but was prioritizing long-term gains. Fidelity currently has around 68,000 employees, after a year of record hiring in 2022.
“The new roles this year will be concentrated in customer service and technology to elevate digital capabilities and provide more ways for customers to do business with Fidelity,” the company said in a statement accompanying its annual report on Wednesday.
The hiring plans come in contrast to some of Fidelity’s rivals.
BlackRock
(ticker: BLK), the world’s largest asset manager, said last month that it intended to cut 500 employees, or around 3% of its total workforce.
AllianceBernstein
recently cut around 100 jobs, according to Bloomberg.
Fidelity has also been planning expansion in other ways. Last month it struck its first takeover deal in more than seven years, acquiring Shoobx, a software company that helps firms automate administration.
Write to Adam Clark at adam.clark@barrons.com
Credit: marketwatch.com